Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Basic and Diluted Net Loss Per Share

The following table shows the calculation of basic and diluted net loss per share for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Basic net loss per share:
Numerator:
Net loss (in thousands)	$	(49,652	)	$	(102,854	)	$	(111,866	)	$	(211,337	)
Denominator:
Weighted average common stock outstanding - basic and diluted		62,610,598			60,538,319			62,236,163			60,337,258
Net loss per share - basic and diluted	$	(0.79	)	$	(1.70	)	$	(1.80	)	$	(3.50	)

Summary of Potential Dilutive Securities Outstanding

The following table summarizes potential dilutive securities outstanding at the end of each reporting period that were excluded from the calculation of diluted net loss per share because including them would have been anti-dilutive as of the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Stock options		5,107,401		6,551,329		5,107,401		6,551,329
Restricted stock units		1,916,330		2,343,027		1,916,330		2,343,027
Employee stock purchase plan		154,173		155,484		154,173		155,484
		7,177,904		9,049,840		7,177,904		9,049,840

Sage Therapeutics, Inc. 10-Q